One group of tech stocks could be key to the next leg of the market rally

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One group of tech stocks could be key to the next leg of the market rally $XLK (via TradingNation)

n" on Thursday. "And then it rallied twice as much as the rest of the market the first half of last year, and then led the whole market higher in the first two months of the rebound in March."

Since March, he added, its rise has slowed and it was underperforming through May and June. However, this week's breakout where the SMH ETF made a "higher high" looks "very bullish," Maley said. "This is kind of showing that the tech rally is starting to broaden out a little bit. If that can continue, I think it's going to be very good for the overall market as well," he said.

 

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